Is Asanko Gold (GAU) Stock Outpacing Its Basic Materials Peers This Year?
Investors focused on the Basic Materials space have likely heard of Asanko Gold (GAU), but is the stock performing well in comparison to the rest of its sector peers? A quick glance at the company's year-to-date performance in comparison to the rest of the Basic Materials sector should help us answer this question.
Asanko Gold is one of 237 companies in the Basic Materials group. The Basic Materials group currently sits at #4 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. GAU is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for GAU's full-year earnings has moved 76.92% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
According to our latest data, GAU has moved about 47.37% on a year-to-date basis. Meanwhile, the Basic Materials sector has returned an average of 4.64% on a year-to-date basis. As we can see, Asanko Gold is performing better than its sector in the calendar year.
To break things down more, GAU belongs to the Mining - Gold industry, a group that includes 33 individual companies and currently sits at #74 in the Zacks Industry Rank. This group has gained an average of 42.56% so far this year, so GAU is performing better in this area.
GAU will likely be looking to continue its solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to the company.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.